20 Francs IEOM

The IEOM was established in 1966 to manage currency for France's Pacific territories — New Caledonia, French Polynesia, and Wallis and Futuna — following the dissolution of the Institut d'Émission des Départements d'Outre-Mer's Pacific functions. This 20 Francs circulated across island economies with no mutual land borders, physically shipped between territories by sea. The KM#3.2 designation distinguishes it from the earlier 3.1 type by a modified reverse die, a detail that goes unremarked in most collections despite being a clean diagnostic for dating examples to the later portion of the production run.